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KOSPI Entered De-Rating Phase Despite Doubling, Robeco Says No Need to Cut Exposure on July 20

2026-07-20 00:30:18

According to Joshua Crabb, head of Robeco's APAC equity division, in an interview with Yonhap Infomax on July 20, South Korea's KOSPI has entered a de-rating phase rather than a re-rating one despite doubling in value this year. Crabb noted that while valuations rose from 12x to 15x price-to-earnings, earnings forecasts are growing faster, causing the market to cheapen on a relative basis. "The fundamentals are catching up to the price," he said, contrasting this with the U.S. market where gains have outpaced earnings growth. Crabb recommended investors shift profits from overheated AI-related stocks into undervalued sectors including emerging markets, telecommunications, and healthcare, while maintaining Korea exposure given the persistent valuation discount.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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